Thursday, 18 October 2012

Ticketus must own New Co Rangers

I would like to explain why Ticketus own everything Rangers. I know it's Sevco or whatever but for the benefit the blog just stick with me. 

To help explain this here is a copy of the CVA proposal.

We must look at the conditions that relate to the execution of an agreement Section 4, it relates to the "agreement" for a "LOAN" (not investment) of £ 8.5 million to the Rangers Football Club plc (oldco) to be repaid by 31st December 2020.

1. Clause 4.21 From 6 June 2012, Charles Green will be appointed to assist in the day-to-day management of the business of the Company (at no cost to the Company or the Joint Administrators), in order to manage the ongoing trading costs of the Company and allow for a smooth transition in ownership.

The CVA was for £ 8.5 million, the acquisition cost of the "assets" (item 4.11) was £ 5.5 million. Charles Green and Imran Ahmed borrowed £ 8.5 million from Zeus Capital. The "confidential agreement" outlined in item 4.20 states that £ 8.3 million (less D&P exclusivity fee of £200,000) is a loan and will be available once certain conditions are satisfied. These funds would be distributed to the creditors, less the joint administrators fees outlined in item 11. In effect the CVA was for £8.5 million, minus D&P £3m, in compliance with item 11. The rejection of the CVA was still the same amount involved, although it was a sale of the assets (£5.5 million) with Charles Green and Imran Ahmed paying the fees of £3million, equating to £ 8.5 million. Basically Sevco 5088 Ltd paid for the liquidation of Rangers, which is what they required to get the assets out to an English Company. Remember ENGLISH COMPANY! 

Should the CVA be rejected, an "acquisition of the assets" agreement would be executed on 12th May 2012, with Sevco 5088 Ltd. 

If the CVA was accepted D&P would have became creditors and wouldn't have been paid so it was in everyone's interest to Liquidate Rangers.

Now we'll take a look at the New Co.

Sevco 5088 Ltd is an English Company, formed by Field Fisher Waterhouse.
35 Vine Street, London, EC3N 2AA, incorporated on 29.03.2012. 

Field Fisher Waterhouse are the Solicitors of Octopus, owners of Ticketus. Coincident?

Now all the assets outlined in the CVA were acquired on the 12th May 2012 by Sevco 5088 Ltd based in England. The reason for the acquisition of the contract being by an English Company was to transfer the legal jurisdiction out of Scotland. Lord Hodge ruled the Ticketus contract could be dissolved under Scots Law, but not under English Law. 

By acquiring the contract by an English company, under English Law this allows Ticketus to pursue Craig Whyte.

SFA rules state that the "company" must be registered in Scotland to play in the Scottish League so they formed Sevco Scotland Ltd registered in Scotland which allowed them to play football in Scotland.

Charles Green and Imran Ahmed could have transferred the assets from Sevco 5088 Ltd to Sevco Scotland Ltd, but the lender wanted jurisdiction to stay in England. 

 Sevco 5088 Ltd borrowed the £8.5 million to complete the acquisition. This loan was a 12 month interest only loan. However they could not afford the interest payments so equity was transferred over to Zeus. They knew this was in breach FSA rules and put pressure on Green and Ahmed to find an alternative arrangement. As of the mid September the loan had not been repaid. On a trip to America and Canada by Charles Green and Imran Ahmed found some funding by selling a further 20% of equity for £8.5 million.

Now if we take a look at Financial Director Brian Stickbridge.

He worked for Allenby Capital (founded by Imran Ahmed) until January 2012 when he joined Zeus Capital with Imran Ahmed following in April 2012. He then re located to Glasgow in Febuary 2012. This is 100% a strategic move on behalf of Ticketus. People are looking at what Charles Green is up to but Brian Stockbridge is the man we should be looking at. Charles is merely a distraction.

The Share Issue

Charles Green was reported to the FTSE rules in 1998. Sheffield United's Board of Directors reported him for similar misselling of their floatation. Charles Green alone has set back Sheffield United 12 years and almost bankrupted them at the time. 

Would you buy shares with this guy?

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